Bitcoin Gold Price Technical Analysis – BTG/USD Poised to Break $350


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Key Points

  • Bitcoin gold price is moving higher and is currently placed well above the $280 support against the US Dollar.
  • This is a major bullish trend line forming with support near $280 on the hourly chart of BTG/USD (data feed from Bitfinex).
  • The price is likely to move further higher and trade towards the $350 level in the near term.

Bitcoin gold price is gaining pace above $280 against the US Dollar. BTG/USD might soon trade towards $350 or it could even break it.

Bitcoin Gold Price Support

There was a solid upside move in bitcoin gold price as it moved above the $250 resistance against the US Dollar. The price was also able to move above the $280 resistance, which opened the doors for more gains. It recently traded above $300 and formed a high at $319.32. Later, it started a downside correction and moved below the 23.6% Fib retracement level of the last wave from the $218 low to $319 high.

However, the downside move was prevented by a major bullish trend line with current support near $280 on the hourly chart of BTG/USD. Moreover, the 38.2% Fib retracement level of the last wave from the $218 low to $319 high also acted as a support. The pair is now moving back higher and looks set to break the $319 high. Above the mentioned $319, the price might target the $350 level.

The overall trend is positive for bitcoin gold and the price is likely to trade above $319 in the near term. On the downside, the $280 level is a major support and buy zone. Below $280, the $250 level is the next support.

Looking at the technical indicators:

Hourly MACD – The MACD for BTG/USD is currently in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTG/USD is currently moving higher towards the 70 level.

Major Support Level – $280

Major Resistance Level – $320

 

Charts courtesy – Trading View, Bitfinex

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